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The foundations of entrepreneurship - Coggle Diagram
The foundations of entrepreneurship
What is entrepreneur?
the one who creates new business in taking the risk and uncertainties in order to make a profit
growth by identifying opportunities
Characteristics of entrepreneurs
Desire for responsibility
be responsible all the things start with beginning until the end
Preference for moderate levels of risk: risk eliminators
Desire for immediate feedback
always ask for the feedback like satisfaction and what can improve from customer
High level of energy
Self-reliance
rely on your own efforts, powers and resources rather than that of those around you
Benefits of Entrepreneurship
Create your own destiny
create a business based on your desire and hobby
Example: Safari Surf School
Make a difference
be unique, create your business in your own ideas.
Contribute to society and to be recognized for your efforts
play as entrepreneur need to contribute to society when your business is successful like open a orphanage
Types of entrepreneurs
Opportunity entrepreneurs
a person who identifying the particular of opportunity and availing it becomes a successful entrepreneur
Necessity entrepreneurs
a person who has no other options for employment
Serial entrepreneurs
the person who do the business until successful and sell the business
Entrepreneurs tend to exhibit
Creativity
the entrepreneurs need to think creatively about how they advertise their products.
Flexibility
the entrepreneurs need to easily adapt to changes such as technological changes, reshape the business.
Tenacity
the entrepreneurs always never give up, they won't quit when they are fail and will still keep trying, find the solution to solve the problems.
Resourcefulness
the entrepreneurs need to making the most of available resources finding a creative solutions and adapting to changing circumstances.
Tolerance for ambiguity
the entrepreneurs faces a range of uncertainty, from not knowing if an investor will put money into a product to being unsure if they can pay rent for the next month.
Drawbacks of Entrepreneurship
Uncertainty of income
entrepreneurs invested in businesses with uncertain returns, since he or she is owner not employee
Risk of losing your entire investment
if suddenly your business does not work then you have a chance to lose your all investment
Lower quality of life until the business gets established
you may have no time with the family
High level of stress
easily to get stress when the business is not stable, you might face unstable income and no customer
Feeding the entrepreneurial fire (Driving forces)
Demographic and economic factors
many people start their business in age of 25-32 in US to be entrepreneur
Technology advancements
technology has changed the ways to do business, like now there are many apps that make it easier for entrepreneurs to do business
Entrepreneurial education
universities and colleges should include it in course study
The Internet, cloud computing, and mobile marketing
we can store the works such as business transaction in the cloud computing, it will let them more easier to organize the businesses.
International opportunities
they can market their product internationally
The cultural diversity of entrepreneurship
Home-based businesses
even if you are a full-time housewife, you can still choose to start a business such as an online business to sell products from your home.
Family business
a family owned business is one that includes two or more members of a family with financial control of the company
Corporate castoffs
the employees who have been discharged from the organisation have become entrepreneurs.
Immigrant entrepreneurs
People from other countries come to Malaysia to start a business.